TCRLA_Public/140829.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

            Friday, August 29, 2014, Vol. 15, No. 171


                            Headlines



B R A Z I L

ISA CAPITAL: Fitch Affirms 'BB+' IDR; Outlook Stable
REDE ENERGIA: U.S. Court Grants Plan Enforcement Relief
VIRGOLINO DE OLIVEIRA: Fitch Affirms 'B-' IDR; Removes Watch Neg.
* BRAZIL: Outstanding Loans Grow at Slowest Annual Pace in 10Yrs


C A Y M A N  I S L A N D S

APACHE GP: Creditors' Proofs of Debt Due Sept. 25
ATACAMA FINANCE: Commences Liquidation Proceedings
BARCLAYS WEALTH: Creditors' Proofs of Debt Due Sept. 25
CJP GP II: Creditors' Proofs of Debt Due Sept. 25
CONOCOPHILLIPS BLACK: Placed Under Voluntary Wind-Up

ENERGEX CO: Commences Liquidation Proceedings
PIP4GV COPA: Creditors' Proofs of Debt Due Sept. 25
PIP4PX COPA: Creditors' Proofs of Debt Due Sept. 25
SLZ CAPITAL: Creditors' Proofs of Debt Due Sept. 23
SLZ CAPITAL OFFSHORE: Creditors' Proofs of Debt Due Sept. 23


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: Industrialists Want "Win-Win" Labor Code Reform


J A M A I C A

* JAMAICA: Spends J$6.3 Billion Less Than Projected


M E X I C O

OCEANOGRAFIA SA: To Keep Pemex Contracts in Bankruptcy


T R I N I D A D  &  T O B A G O

PETROTRIN: Probes Another Spill at Pointe-a-Pierre Facility


                            - - - - -


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B R A Z I L
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ISA CAPITAL: Fitch Affirms 'BB+' IDR; Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed ISA Capital do Brasil S.A.'s (ISA
Capital) foreign and local currency Issuer Default Ratings (IDRs)
at 'BB+', and its national scale rating at 'AA-(bra)'.  In
addition, Fitch has affirmed the company's USD31.6 million of
senior secured notes outstanding at 'BBB-'.  The Rating Outlook is
Stable.

Concurrently, Fitch has affirmed Companhia de Transmissao de
Energia Eletrica Paulista S.A.'s (CTEEP) national scale long-term
rating at 'AA+(bra)'.  The rating action also applies to its first
debenture issuance in the amount of BRL500 million maturing in
2014 and 2017.  The Rating Outlook is stable.

KEY RATING DRIVERS

CTEEP's ratings reflect its strong credit quality attributable to
the low business risk of the power transmission sector in Brazil,
with predictable operating cash flow.  The analysis also
considered that the company is being efficient to manage its sound
financial profile after the strong reduction of revenues
consequence of the company's acceptance to early renew its main
concession starting in January 2013.  Fitch views as positive the
use of the compensation received for the non-depreciated assets to
pay down part of its debt.  The ratings factored in a moderate
regulatory risk.

ISA Capital's ratings reflect the credit profile of CTEEP, its
sole revenue source and operating asset, and the company's
structural subordination to CTEEP's obligations, given that ISA
Capital only owns 37.8% of its total capital and does not receive
the full amount of dividends paid by the transmission company.
Fitch considers that ISA Capital's financial flexibility may
benefit from the market value of its CTEEP's shares as well as
from its linkage with its parent Interconexion Eletrica S.A. E.S.P
- ISA (rated by Fitch at 'BBB', Outlook Stable) in case dividends
received from CTEEP are not sufficient to meet its obligations.

The one-notch rating uplift for ISA Capital outstanding bonds
reflects its enhanced recovery prospects due to the refinancing of
the majority of its debt with (subordinated, debt like) preferred
equity.  The 2017 bonds are currently over-collateralized.  The
USD31.6 million (BRL76.8 million) of outstanding debt is secured
by 66% of ISA Capital's shares on CTEEP, a stake which is
currently valued at approximately BRL1.1 billion based on CTEEP's
current market cap value of BRL5.8 billion.

CTEEP's Credit Metrics to Improve

Fitch expects CTEEP's financial leverage to improve as a result of
growing cash generation from new reinforcement investments in
existing assets, as well as the company starts to receive the
complementary compensation related to the acceptance to early
renew its main concession.  The company estimates BRL5.2 billion
additionally to the BRL2.9 billion that the company is already
receiving.  The regulatory agency ANEEL still needs to approve
this complementary compensation.  For the last 12 months (LTM)
ended June 30, 2014, the total debt-to-recurring EBITDA ratio was
3.8 times (x), with 2.4 considering the net debt.  Fitch expects
net leverage below 2.5x in the next years, considering that the
company will not enter into new projects.

Predictable Cash Flow Generation

CTEEP's cash flow generation is very predictable, exhibiting the
low business risk profile of a power transmission company.
CTEEP's revenues are exempt from volumetric risk as its maximum
permitted annual revenue (PAR) is based on the power transmission
assets available to users, instead of the power transmitted.  The
company's cash flow generation saw a significant decrease at the
end of 2012 after the company acceptance of the government
proposal for early renewal of its main concession which would
expire in 2015.  For the LTM ended June 30, 2014, net revenues
reached BRL1.1 billion, in accordance with IFRS, with recurring
EBITDA of BRL380 million, In 2012, net revenues and EBITDA were
BRL2.8 billion and BRL1.4 billion, respectively.

Fitch expects a positive free cash flow (FCF) for CTEEP in the
next couple of years, considering annual dividends of BRL200
million-BRL250 million and no additional transmission assets being
added to its portfolio.  For the LTM ended June 30, 2014, cash
flow from operations (CFFO) of BRL383 million was sufficient to
cover capital expenditures of BRL19 million and dividends of
BRL200 million leading to a FCF of BRL164 million.

Strong Liquidity Position

CTEEP's financial profile benefits from its robust liquidity
position.  As of June 30, 2014, as per Fitch methodology, cash and
marketable securities of BRL533 million represented 36% of total
debt of BRL1.5 billion and were sufficient to cover short-term
debt of BRL403 million by 1.3x.  Liquidity should improve based on
the pending BRL1 billion to be received until July 2015 from the
initial compensation of BRL2.9 billion and the potential BRL5.2
billion from the complementary compensation to be approved by the
regulator.  CTEEP also presented a comfortable short-term debt
coverage when considered the (CFFO + cash and marketable
securities)/short-term debt at 2.3x.

Low Business Risk

Fitch considers the transmission segment as the lowest risk at the
Brazilian power sector.  CTEEP's credit profile benefits from its
exclusive right to provide electricity transmission services
through its multiple concessions.  CTEEP currently participates in
seven concessions in operation with an equivalent participation of
1.842 km.  In addition, there is one concession with the start-up
forecasted to 2015 that will add 383 km to the portfolio.  This
scenario reduces the company's exposure to the risks associated
with the construction phase.

Structural Subordination

ISA Capital's credit quality reflects the company's structural
subordination to CTEEP's obligations.  ISA Capital owns only 37.8%
of CTEEP's total capital and receives this proportional stake on
the dividends paid by the transmission company.  ISA Capital is
expected to use the proceeds it receives from CTEEP, together with
its cash on hand (which stood at approximately BRL745 million as
of December 2013 in consolidated terms) to pay its debt.  At the
end of 2013, ISA Capital's consolidated debt was BRL2.37 billion,
comprised of the remaining portion of its 2017 bonds (BRL77
million) not tendered during 2010 and the obligations to redeem
its preferred shares (BRL891 million).

Fitch believes that ISA Capital will have to raise additional cash
to meet debt obligations, since dividends flow from CTEEP should
not be sufficient.  The concession renewal process has somewhat
affected CTEEP's ability to upstream cash to its controlling
shareholder through dividend payments.  Annual dividends from the
transmission company are expected to range from BRL200 million to
BRL250 million, down from the previous expectation of between
BRL250 million to BRL300 million, which reflects CTEEP's revised
cash flow profile.  In 2013, in order to adjust its preferred
share buying program to this new reality, ISA Capital renegotiated
with the preferring shareholders the program repurchase schedule.
The program of acquiring the BRL891 million of preferred shares
has been extended to 2020 and consists of BRL100 million in 2014-
2015 and BRL160 million per year from 2016 to 2020.

RATING SENSITIVITIES

Positive rating actions are unlikely in the short term for CTEEP
and ISA Capital.  Considerations that could lead to negative
rating actions for CTEEP include a net leverage sustainably above
3.0x and a (CFFO + cash and marketable securities)/short-term debt
ration below 2.5x.  In the case of ISA Capital, a strong
devaluation of CTEEP's value and a difficult scenario to raise
additional cash to meet its preferred shares redemption program
can pressure the ratings.


REDE ENERGIA: U.S. Court Grants Plan Enforcement Relief
-------------------------------------------------------
Bankruptcy Judge Shelley C. Chapman on August 27 issued a
"MEMORANDUM DECISION GRANTING PLAN ENFORCEMENT RELIEF PURSUANT TO
CHAPTER 15 OF THE BANKRUPTCY CODE" in the Chapter 15 case of Rede
Energia S.A.

In this proceeding brought pursuant to chapter 15 of the
Bankruptcy Code, Jose Carlos Santos, the Foreign Representative of
Rede Energia S.A., sought the U.S. Bankruptcy Court's assistance,
pursuant to sections 1507 and 1521, in enforcing the terms of
Rede's Brazilian reorganization plan.

The Foreign Representative sought the following relief:

     (i) an order granting full faith and credit to (a) the
Brazilian reorganization plan and (b) the Brazilian court order
confirming the plan, including a continuation of the injunction of
acts in the United States in contravention of the confirmation
order, and

    (ii) an order authorizing and directing the Indenture Trustee
for Rede's 11.125 percent perpetual notes and the Depository Trust
Company to take the actions necessary to carry out the terms of
the Brazilian reorganization plan, including making payments to
Rede's noteholders.

Certain of Rede's noteholders objected to the relief as being
contrary to public policy of the United States and urged the Court
to allow them to return to Brazil and negotiate for an improvement
on the distribution they are to receive under the Brazilian
reorganization plan. The noteholders alleged that what the Foreign
Representative describes as a proceeding that indisputably
comports with fundamental principles of U.S. bankruptcy law and
civilized jurisprudence is in fact a wholesale trampling of their
rights that was conceived of and executed by the Brazilian
government and rubberstamped by the Brazilian bankruptcy court.

"While there are certainly aspects of the Brazilian proceeding
that differ in form and substance from what might occur in the
United States, the Court nonetheless concludes . . . that Rede's
Foreign Representative is entitled to the relief requested," Judge
Chapman said in her Memorandum available at http://is.gd/amjQGg
from Leagle.com.

Attorneys for Foreign Representative, Jose Carlos Santos are:

     J. Christopher Shore, Esq.
     Thomas MacWright, Esq.
     WHITE & CASE LLP
     1155 Avenue of the Americas
     New York, NY 10036-2787
     E-mail: cshore@whitecase.com
             tmacwright@whitecase.com

          - and -

     John K. Cunningham, Esq.
     Richard S. Kebrdle, Esq.
     WHITE & CASE LLP
     200 South Biscayne Boulevard, Suite 4900
     Miami, FL 33131-2352
     E-mail: jcunningham@whitecase.com
             rkebrdle@whitecase.com

Attorneys for Ad Hoc Group of Rede Noteholders are:

     Timothy B. DeSieno, Esq.
     Mark W. Deveno, Esq.
     BINGHAM McCUTCHEN LLP
     399 Park Avenue
     New York, NY 10022-4689
     E-mail: tim.desieno@bingham.com
             mark.deveno@bingham.com

                       About Rede Energia S.A.

Rede Energia S.A. is one of the largest electric power companies
in Brazil.  It operates through subsidiaries, which are engaged in
the distribution, generation and trading of electricity in Brazil.
Rede supplies electricity to 3.3 million customers in 436
municipalities in six Brazilian states.

In 2012, Rede distributed 14,442 GWh of energy, recorded net loss
of R$665.8 million, and gross operating revenue of R$7.515
billion.  As of Dec. 31, 2012, Rede and its subsidiaries' total
assets were valued at R$9 billion.

Rede Energia filed a Chapter 15 petition in Manhattan (Bankr.
S.D.N.Y. Case No. 14-10078) on Jan. 16, 2014, to seek recognition
of its restructuring proceedings in Brazil.

Rede Energia is estimated to have more than $1 billion in assets
and liabilities.

Jose Carlos Santos, the administrator in the Brazilian judicial
reorganization proceeding, as foreign representative, signed the
Chapter 15 bankruptcy petition.  He is represented by John K.
Cunningham, Esq., at White & Case, LLP, in Miami.

Rede was previously the parent of Centrais Electricas do Para S.A.
("CELPA"), an electricity distribution concessionary for the Para
region in Brazil.  CELPA filed a judicial restructuring proceeding
in Brazil in 2012 pursuant to which Rede's ownership in CELPA was
sold to a non-affiliated third party.  CELPA filed a petition for
Chapter 15 relief (Bankr. S.D.N.Y. Case No. 12-14568) in Manhattan
on Nov. 9, 2012.  The CELPA case was closed April 25, 2013.


VIRGOLINO DE OLIVEIRA: Fitch Affirms 'B-' IDR; Removes Watch Neg.
-----------------------------------------------------------------
Fitch Ratings has affirmed and removed Virgolino de Oliveira S.A.
Acucar e Alcool's (GVO) and Virgolino de Oliveira Finance S/A's
(Virgolino Finance) foreign and local currency Issuer Default
Ratings (IDRs) from Rating Watch Negative.  Fitch also removed the
ratings on GVO national scale long-term rating and GVO and
Virgolino Finance's associated debts from Rating Watch Negative.
Fitch assigned a Negative Outlook to all corporate ratings.

KEY RATING DRIVERS

The Rating Watch Negative was removed considering that GVO's
liquidity has improved and refinancing risks have diminished
substantially for the coming months.  Negotiations with two
domestic banks have proved successful and proceeds coming from the
senior secured bonds due 2020 strengthened GVO's cash position,
enhancing the company's short-term debt repayment prospects.  The
company's liquidity also benefited from substantially improved
operating cash flow in fiscal 2014.

The Negative Outlook was assigned to the ratings based on the more
difficult scenario for the sugar and ethanol sector in Brazil.
GVO's main challenge is to keep generating robust operating cash
flows amid lower crushed volumes expected for fiscal 2015 and
still depressed sugar prices.  In addition, the company still
relies on the availability of credit lines to rollover its debt,
keep a more robust liquidity position and higher short-term debt
coverage ratio.

GVO and Virgolino Finance's ratings continue to reflect the
group's leveraged capital structure for the sector.  The ratings
further incorporate the issues associated with the cyclicality of
the sugar and ethanol commodities' price, which leads to a
volatile cash flow generation.  They also reflect the exposure of
GVO's sugarcane production business to weather conditions, foreign
currency risk relative to a large portion of its debt; and the
ethanol industry dynamics, which are strongly linked to Brazil's
regulated gasoline prices and related government energy policies.

The ratings benefit from GVO's adequate business model and the
geographical location of its production units.  The ratings also
incorporate positively GVO's strategic shareholding position in
Copersucar and its long-term commercial partnership with this
cooperative.

Liquidity Improved:

GVO's liquidity increased and short-term refinancing prospects
improved over the past months at the expense of the challenging
refinancing scenario for sugar and ethanol companies that followed
the financial problems of another company in the sugar and ethanol
business (Aralco).  GVO extended repayment terms with two domestic
banks under a total debt amount of BRL200 million and issued
USD135 million senior secured bonds due 2020, which altogether
improved GVO's cash position and the cash to short-term debt
coverage ratio.  Pro forma figures adjusted by Fitch to include
the new bond issuance and the recent debt rollovers puts GVO's
cash at BRL407 million compared to a total short-term debt of
BRL688 million as of April 30 2014, which includes Copersucar debt
of BRL366 million.  As of April 30, 2014, GVO's actual cash and
marketable securities of BRL154 million was tight and covered only
0.2 time (x) its short-term debt of BRL769 million.

Cash Flow Generation Should Fall:

Fitch expects lower free cash flow (FCF) in fiscal 2015 based on
the current scenario for the sector and improvements should occur
from fiscal 2016.  GVO's cash flow from operations (CFFO) in
fiscal 2014 benefited largely from an all-time high crushed volume
of 12.2 million tons and the large scale gains that followed.
Positive fluctuations of working capital requirements also played
a role.  GVO's main challenge is to keep generating robust CFFO
amid a scenario of depressed sugar prices and lower crushed
volumes that should follow unusually dry weather in Brazil's
Center South in 2014.  Fitch forecasts that agricultural yields
will fall and lead the company to report total crushing of around
11 million in fiscal 2015, hampering its CFFO.  As of the fiscal
2014 the company's CFFO of BRL595 million was able to meet capital
expenditures of BRL335 million, resulting in a positive FCF of
BRL260 million.

High Leverage:

GVO presents a weak financial profile underpinned by its
aggressive capital structure in a volatile sector.  Positively, as
of April 30 2014, the company's net adjusted debt/EBITDAR of 4.8x
(considering Copersucar dividends) compares favorably with the
5.1x in April 2013.  Excluding advances from Copersucar backed by
sugar and ethanol inventories (BRL432 million), GVO's net adjusted
debt/EBITDAR would be 4.1x for the same period.  This high
leverage results from the combination of large capital
expenditures during the last harvests, which included crop
expansion to increase the contribution of owned sugar cane supply.
Fitch expects net adjusted leverage to grow to around 6.0x in
fiscal 2015 and fall to around 5.0x in fiscal 2016 and 2017.

Positive Links to Copersucar:

GVO has an adequate business profile, based on its favorable
location, diversified production base and operational flexibility.
The company runs a total crushing capacity of 12 million tons.
GVO enjoys competitive advantages linked to its participation in
the cooperative Copersucar, which allows it to maintain EBITDAR
margin in line with the industry average.  The company benefits
from Copersucar's robust scale, which mitigates demand risks,
lower logistics costs and provides better stability in the
company's collection flow.  Copersucar accounts for approximately
22% of crushed sugar cane in the Central South region of Brazil
and for 11% and 12% of the global trade of sugar and ethanol,
respectively, making it an important price making agent.
Copersucar is formed by 47 mills that belong to 24 independent
economic groups.  Its members crushed 118 million tons of sugar
cane in the 2012-2013 season.

GVO's businesses are exposed to the volatility of the sugar and
ethanol prices.  The company transfers 100% of its production to
Copersucar through a long-term exclusivity contract.  Prices for
its products are linked to the average sugar and ethanol market
prices plus a small premium.  Copersucar remunerates GVO based on
the realized production on a monthly basis during the year,
independently of the moment the sale to the final customer occurs.
This translates to a higher flexibility in GVO's working capital
management compared to other companies that face seasonality in
their activities.

Fitch contemplates in the analysis that GVO has some flexibility
related to its debt with Copersucar, as the main shareholder of
this cooperative.  Those loans, included in the debt amount as per
Fitch's criteria, typically involve lower refinancing risks than a
regular bank or capital market debt.  GVO can tap its credit line
with Copersucar as long as it is able to crush sugar cane and
deliver sugar and ethanol to the cooperative.  This facility is an
important liquidity source for GVO, especially in periods of more
restrictive access to credit.  As of April 30, 2014, GVO's debt
with Copersucar was BRL432 million or 14% of total adjusted debt
of BRL2.9 billion.  The short-term debt with this cooperative of
BRL366 million accounted for 48% of total short-term debt.

High Exposure to FX Fluctuations:

GVO's debt profile has a relevant exposure to foreign exchange
movements with 58% of debt denominated in USD as of April 30,
2014.  The principal amount of its foreign currency debt is not
protected through derivatives, with this risk partially mitigated
by the fact that the price for GVO's products is linked to the
dollar.  The company hedges its coupons payments.  As of April 30,
2014, consolidated adjusted debt including obligations related to
leased land was BRL2.9 billion.  GVO's debt is comprised of two
international notes issuances (45%); loans granted by Copersucar
(15%); trade related transaction (14%), land lease agreements
according to Fitch's methodology (17%); financings from the
Brazilian Economic Social and Development Bank (BNDES, 7%); others
(2%).

RATING SENSITIVITIES

A downgrade could take place should GVO's liquidity deteriorate
further from the pro forma levels.  The combination of a small
cash position compared to short-term debt and the company's
inability to keep rolling over substantial portions of its debt
could trigger a downgrade.

A positive rating action could occur should significant liquidity
improvements occur both in terms of cash to short-term debt and
CFFO generation, which should remain robust.

Fitch has affirmed the following ratings of GVO and Virgolino
Finance:

Virgolino de Oliveira S.A. Acucar e Alcool

   -- Foreign and local currency IDRs at 'B-';
   -- Long term national scale rating at 'BB+(bra)';
   -- BRL100 million senior unsecured debentures due 2014 at 'BB+
      (bra)'.

Virgolino de Oliveira Finance S/A

   -- USD300 million senior unsecured notes due 2022 at 'B-/RR4';
   -- USD135 million senior secured notes due 2020 at 'B-/RR4';
   -- Foreign and local currency IDRs at 'B-'.

The Watch Negative was removed from all ratings and a Negative
Outlook was assigned to the corporate ratings.


* BRAZIL: Outstanding Loans Grow at Slowest Annual Pace in 10Yrs
----------------------------------------------------------------
Matthew Malinowski and Mario Sergio Lima at Bloomberg News report
that Brazil's outstanding loans grew in July at the slowest annual
pace since March 2004, as the central bank continues to lower
capital requirements to stimulate lending.

Bank lending rose 11.4 percent to BRL2.8 trillion ($1.2 trillion)
in the 12 months through July, the central bank said in a report
distributed in Brasilia, according to Bloomberg News.  Lending
increased 0.2 percent from the previous month after climbing 0.9
percent in June.

Bloomberg News notes that President Dilma Rousseff's
administration is freeing up billions of dollars in credit as
analysts expect the economy to grow at the slowest pace since the
2009 crisis.  The central bank last week cut capital requirements
for the second time in a month, saying the measure will better
distribute liquidity, Bloomberg News relays.  Policy makers have
also indicated they will hold the key rate at the highest level in
more than two years as inflation hovers near the top of their
target range, reports Bloomberg News.

Bloomberg News notes that the central bank on Aug. 20 announced
steps to boost lending by as much as BRL150 billion ($66 billion),
saying those measures would ease credit restrictions without
fueling inflation.  Finance Minister Guido Mantega said the
government would allow banks to sell tax-exempt covered bonds to
stimulate the housing market, Bloomberg News relates.

                             Loan Book

Itau Unibanco Holding SA (ITUB4) is one of the banks that has seen
slower-than-expected loan growth, notes the report.  The company's
loan book expanded by 9 percent in the second quarter, slower than
its February forecast for 2014 lending growth, which was a range
of 10 percent to 13 percent, reports Bloomberg News.

Gross domestic product shrank by 0.4 percent in the second quarter
in the biggest quarterly contraction since 2009, according to the
median estimate from 29 economists surveyed by Bloomberg.
Brazil's statistics agency will publish GDP data for the second
quarter today, Aug. 29, notes the report.

Economists surveyed by the central bank expect the world's second-
largest emerging market to expand by 0.7 percent this year,
reports Bloomberg News.  That would be less than a third the pace
of last year's growth.

The consumer default rate rose to 6.6 percent from 6.5 percent in
June, the central bank said in a report, Bloomberg News notes. The
average interest charged on loans was 32.3 percent in July,
compared with 32 percent in June, while corporate financing costs
rose to 23.1 percent from a 22.6 percent in June, adds the report.

                           Benchmark Rate

Bloomberg News discloses that the central bank kept the benchmark
interest rate unchanged at 11 percent in its last two meetings
after lifting it by 375 basis points in nine straight meetings
through April.  That was the world's longest tightening cycle at
the time.

Bloomberg News says that consumer price increases in the year
through mid-August reached 6.49 percent, marking the first
deceleration in seven months, the national statistics agency said
on Aug. 20. Brazil's central bank targets annual inflation at 4.5
percent, plus or minus two percentage points.

Prices will slow to target if borrowing costs are kept steady,
central bank President Alexandre Tombini told a Senate hearing on
Aug. 5.  Inflation is under control and will end this year within
the official target range, he said, Bloomberg News adds.


==========================
C A Y M A N  I S L A N D S
==========================


APACHE GP: Creditors' Proofs of Debt Due Sept. 25
-------------------------------------------------
The creditors of Apache GP Limited are required to file their
proofs of debt by Sept. 25, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 31, 2014.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


ATACAMA FINANCE: Commences Liquidation Proceedings
--------------------------------------------------
On Aug. 11, 2014, the shareholder of Atacama Finance Co. resolved
to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Raul Arteaga Errazuriz
          c/o Empresa Nacional de Electricidad S.A.
          (ENDESA), Santa Rosa 76
          Santiago, Chile
          Telephone: +1 (345) 914 6365


BARCLAYS WEALTH: Creditors' Proofs of Debt Due Sept. 25
-------------------------------------------------------
The creditors of Barclays Wealth Advisor Series - Multi-Manager
International Equity Ltd are required to file their proofs of debt
by Sept. 25, 2014, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Aug. 4, 2014.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


CJP GP II: Creditors' Proofs of Debt Due Sept. 25
-------------------------------------------------
The creditors of CJP GP II Limited are required to file their
proofs of debt by Sept. 25, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 31, 2014.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


CONOCOPHILLIPS BLACK: Placed Under Voluntary Wind-Up
----------------------------------------------------
On July 30, 2014, the shareholders of Conocophillips Black Sea
Ventures Ltd resolved to voluntarily wind up the company's
operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd
          c/o Eva Moore
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881


ENERGEX CO: Commences Liquidation Proceedings
---------------------------------------------
On Aug. 11, 2014, the shareholder of Energex Co. resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Raul Arteaga Errazuriz
          c/o Empresa Nacional de Electricidad S.A.
          (ENDESA), Santa Rosa 76
          Santiago, Chile
          Telephone: +1 (345) 914 6365


PIP4GV COPA: Creditors' Proofs of Debt Due Sept. 25
---------------------------------------------------
The creditors of PIP4GV COPA Portum (Cayman) Ltd are required to
file their proofs of debt by Sept. 25, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 8, 2014.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


PIP4PX COPA: Creditors' Proofs of Debt Due Sept. 25
---------------------------------------------------
The creditors of PIP4PX Copa Portum (Cayman) Ltd. are required to
file their proofs of debt by Sept. 25, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 8, 2014.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


SLZ CAPITAL: Creditors' Proofs of Debt Due Sept. 23
---------------------------------------------------
The creditors of SLZ Capital Opportunity Fund, Ltd. are required
to file their proofs of debt by Sept. 23, 2014, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 9, 2014.

The company's liquidator is:

          Ogier
          c/o Joanne Huckle
          Telephone: (345) 815 1895
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


SLZ CAPITAL OFFSHORE: Creditors' Proofs of Debt Due Sept. 23
------------------------------------------------------------
The creditors of SLZ Capital Offshore Fund, Ltd are required to
file their proofs of debt by Sept. 23, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 9, 2014.

The company's liquidator is:

          Ogier
          c/o Joanne Huckle
          Telephone: (345) 815 1895
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


===================================
D O M I N I C A N   R E P U B L I C
===================================


* DOMINICAN REP: Industrialists Want "Win-Win" Labor Code Reform
----------------------------------------------------------------
Dominican Today reports that the president of the Industrial
Association of Herrera, Victor Castro, said that the business
sector is awaiting president Danilo Medina's invitation to a
tripartite discussion on labor reform that will lead to a win-win
solution for employers as well as workers.

"We are convinced that it is a good time to adjust this code to
the current reality, and that we can have a Labor Code that will
allow better development in business circles and that helps
improve quality of life for workers," the report quoted Mr. Castro
as saying.

Dominican Today notes that the business leader was speaking before
a discussion session where Maria Victoria Menicucci, president of
the Santiago Chamber of Commerce and Production (CCPS) was the
guest speaker, on the subject of "Adjustment of the Dominican
Labor Code: A Win-Win vision".

Ms. Menicucci said that if Dominicans wanted to have a productive
country, the obstacles that are preventing it from progressing,
producing and being competitive must be overcome, the report
relays.

"The Labor Code is only one of the legs of the table that we need
in order to formalize the economy, meaning that they cannot say
they have solved the problem with the Labor Code and that solves
everything, that's not the case," Ms. Menicucci stated, the report
discloses.

The report relates that Ms. Menicucci said that the Dominican
Republic also has to resolve problems in the taxation,
transportation and energy systems, and that the Labor Code is just
one of the problems that has to be resolved if the country is to
be more competitive.

The Government spent $6.3 billion less than it had projected for
the April to June quarter.

This reflected lower than planned recurrent and capital spending.

Capital spending was affected by delays in grant receipts and the
timing of some projects.

Recurrent expenditure largely reflected lower than budgeted
program spending as well as wages and salaries.


=============
J A M A I C A
=============


* JAMAICA: Spends J$6.3 Billion Less Than Projected
---------------------------------------------------
RJR News reports that Jamaica's revenues and grants during the
three months were J$3.5 billion below budget.

The shortfall in tax revenue was reflected across the three major
categories with Income & Profits accounting for the largest
variance mainly on lower than anticipated corporate tax receipts,
according to RJR News.

The report notes that notwithstanding this, tax revenue for the
June quarter exceeded the outturn for the April to June period in
2013.

The improved performance partly reflected the impact of tax
reforms, the report says.

The significantly lower than budgeted grant inflows were due to a
delay in the receipt of funds for budgetary support from the
European Union, the report adds.


===========
M E X I C O
===========


OCEANOGRAFIA SA: To Keep Pemex Contracts in Bankruptcy
------------------------------------------------------
Isabella Cota and Ben Bain at Bloomberg News report that a judge
in Mexico ordered state oil company Petroleos Mexicanos not to
cancel contracts with Oceanografia SA, the services provider that
Citigroup Inc. says defrauded the bank of US$400 million.

The Aug. 15 decision, released on a Mexican judiciary agency's
website, requires Pemex to allow the Ciudad del Carmen-based
company to continue working on existing projects, according to
Bloomberg News.

The ruling, which grants some requests from the mediator involved
in the restructuring, also prevents Pemex from collecting
collateral and payments under administrative proceedings against
the company, Bloomberg News notes.

The move will let Oceanografia keep a regular source of income
while in bankruptcy and under the guardianship of the government,
according to the ruling, Bloomberg News relays.

"It is evident that Pemex requires the services provided by this
company," according to the judge's order, Bloomberg News adds.

Oceanografia SA de CV provides offshore services for the oil
industry in the Gulf of Mexico. It offers engineering, diving,
installation, inspection and maintenance of marine structures;
drilling support services; materials logistics; and personal
carriers and inspection, installation, and construction of subsea
pipelines.


================================
T R I N I D A D  &  T O B A G O
================================


PETROTRIN: Probes Another Spill at Pointe-a-Pierre Facility
-----------------------------------------------------------
Trinidad and Tobago Newsday reports that Petroleum Company of
Trinidad and Tobago is investigating another spillage accident at
its Pointe-a-Pierre facility.

Unlike the June 29 incident, in which approximately 5,000 barrels
of slop oil spilled from a ruptured low-pressure storage tank,
MP6, finding its way into the Guaracara river, the August 23
incident involved "diesel product," according to Trinidad and
Tobago Newsday.

In a statement issued Aug. 25, Petrotrin said, "During routine
operations at the Pointe-a-Pierre Refinery, diesel product was
routed to Tank 42.  This was not the intention and caused the tank
to overflow into the secondary containment bund," the report
notes.

The report relays that Petrotrin added, "Preliminary estimates are
that approximately 280 barrels of product was captured by the
secondary containment bund . . . There is no evidence of
hydrocarbons in the drainage systems and no discharges from the
refinery. The matter is currently under investigation," the report
adds.

                            About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2013, Trinidad Express reports that production levels at
Petroleum Company of Trinidad and Tobago (Petrotrin)'s Trinmar
operations in Point Fortin have been affected by industrial action
involving employees of the company's marine transport contractors.
Petrotrin stated that it was informed of what it described as a
stand-off between its marine contractors and their employees, who
cited issues, including their current rates of remuneration,
according to Trinidad Express.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2014.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


                   * * * End of Transmission * * *